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Zoom Airlines sounded like a dream come true when it was launched three-and-a-half years ago. A budget airline — using easyJet-style, short-haul, low-cost principles — flying across the Atlantic to Canada. Design your own trip and save a bundle: you can’t go wrong.

The airline got a great press: “Cheap and cheerful takes on Canada”, “Canada cashes in on low-cost flights”. Lead-in rates of £170 to Vancouver on the west coast were trumpeted by the airline as a fare revolution. It was even rumoured that Stelios Haji-Ioannou, founder of easyJet,